VYSARN LIMITED — AGM Information 2024

Nov 21, 2024

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VYSARN

AGM PRESENTATION NOVEMBER 2024

Disclaimer

This presentation has been prepared by Vysarn Limited ("Vysarn" or the "Company") ("Presentation") and contains general and background information about Vysarn activities current as at the date of the Presentation. The Presentation should not be considered to be comprehensive or to comprise all the information that an investor should consider when making an investment decision. The information in the Presentation should be read in conjunction with Vysarn's other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, available at www.asx.com.au.

The Presentation contains statements, opinions, projections, forecasts and other material ("forward-looking statements") with respect to the financial condition, business operations and competitive landscape of the Company and certain plans for its future management. The words anticipate, believe, expect, project, forecast, estimate, likely, should, could, may, target, plan and other similar expressions are intended to identify forward-looking statements. Such forward-looking statements are not guarantees of future performance and include known and unknown risks, uncertainties, assumptions and other important factors which are beyond the Company's control and may cause actual results to differ from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. Any forward-looking statements contained in this document are qualified by this cautionary statement. The past performance of the Company is not a guarantee of future performance. None of the Company, or its officers, employees, agents or any other person named in the Presentation makes any representation, assurance or guarantee as to the accuracy or likelihood of fulfilment of any forward-looking statements or any of the outcomes upon which they are based.

The Presentation is not financial product, investment advice or a recommendation to acquire Vysarn securities and has been prepared without taking into account the objectives, financial

situation or needs of individuals. Each recipient of the Presentation should make their own enquiries and investigations regarding all information in the Presentation including, but not limited to, the assumption, uncertainty and contingencies which may affect future operations of Vysarn and the impact that different future outcomes may have on Vysarn. Before making an investment decision prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs, and seek legal, taxation and financial advice appropriate to their jurisdiction and circumstances. Vysarn is not licensed to provide financial product advice in respect of its securities or any other financial products. Cooling off rights do not apply to the acquisition of Vysarn securities. Each investor must make its own independent assessment of Vysarn before acquiring any securities in Vysarn.

Vysarn Limited results are reported under International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. The Company discloses certain non IFRS measures that are not prepared in accordance with IFRS and therefore are considered non-IFRS financial measures. The nonIFRS measures should only be considered in addition to and not as a substitute for, other measures of financial performance prepared in accordance with IFRS.

To the maximum extent permitted by law, the Company and its directors and advisers give no warranty, representation or guarantee as to the accuracy, completeness or reliability of the information contained in the Presentation. Further, none of the Company, or its officers, employees or agents accepts, to the extent permitted by law, any liability for any loss, claim, damages, costs or expenses arising from the use of the Presentation or its contents or otherwise arising out of, or in connection with it. Any recipient of the Presentation should independently satisfy themselves as to the accuracy of all information contained herein.

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2

Corporate Snapshot

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A fundamentally driven company, solving critical water and environmental issues

About Vysarn Limited (ASX:VYS)

Vysarn Limited (‘ Vysarn ’ or ‘ the Company ’) is a dynamic company focused on the integration and development of water, carbon and environmentally specialised services, technologies and infrastructure.

Vysarn’s vertically integrated model currently provides ‘endto-end’ water services to various sectors, including resources, government, utilities, urban development and agriculture.

PENTIUM WATER CMP CONSULTING GROUP PENTIUM HYDRO

The responsible management of water and environment is a critical and escalating issue that the Company anticipates will continue to present significant growth opportunities, both vertically and horizontally.

Share Price $0.435 Shares on Issue 517.4m Market Capitalisation ~$225.1m Net Cash ~$37.9m^ Enterprise Value ~$187.2m Top 20 60.3% Board and Management 22.0% py p will continue to present significant growth opportunities, both vertically and horizontally. Corporate Snapshot*	PENTIUM HYDRO PENTIUM TEST PUMPING PROJECT ENGINEERING WASTE WATER SERVICES VYSARN ASSET MANAGEMENT NEW NEW
Share Price $0.435
Shares on Issue 517.4m
Market Capitalisation ~$225.1m
Net Cash ~$37.9m^
Enterprise Value ~$187.2m
Top 20 60.3%
Board and Management 22.0%

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BOARD OF DIRECTORS
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Peter Hutchinson - Non-Executive Chairman

Business leader with over 30 years’ experience managing a diverse portfolio of industrial investments in manufacturing, engineering, construction and property, at the most senior levels. Founding Director of Forge Group Ltd, floated in 2007 with a market cap of $12m and reaching over $450m market capitalisation at the time of his resignation as CEO and final sell down in July 2012. Former Chair of Resource Equipment Ltd and founding shareholder and Chairman of Mareterram Ltd both subject to successful takeover bids at significant premiums to market.

James Clement - CEO & Managing Director

An experienced executive and ASX company director with a demonstrated history of successfully managing and leading businesses. Holds an MBA, a Bachelor of Science and a Graduate Diploma in Agribusiness. Previously the CEO and MD of ASX listed company Mareterram Ltd prior to its successful takeover at a significant premium to market.

Sheldon Burt - Executive Director

Industry professional with over 35 years of national and international experience, including field-based, operations, senior management, executive management and company proprietorship. Former General Manager of Easternwell Minerals, a leading hydrogeological drilling specialist.

*Share price, market capitalisation, share holdings as at 20 November 2024. Net cash sourced from Vysarn unaudited management accounts as at 30 September 2024. Shares on issue does not include (10m Upfront CMP shares or 30m deferred shares ^Net Cash is substantially higher following a $38.2m Placement in September 2024 (excluding costs). VYS to settle WWS ($7.5m) and CMP ($24.0m) in 2QFY25.

3

Investment Highlights

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A fundamentally driven company, solving critical water and environmental issues

Leveraging water thematic via vertical integration

Vysarn has positioned itself as a unique vertically integrated end-to-end provider of water services, technologies and infrastructure that aims to efficiently and sustainably manage significant quantities of water.

Driven by two major sectorial drivers of demand

(1) Water management in the Pilbara is critical to iron ore production and new regional industrial projects.

(2) Eastern States are embarking on a generational water infrastructure boom over the next 10 years. Vysarn is aiming to become a key service provider within both drivers.

Strong YoY Earnings Growth Since Inception[1]

Delivered NPBT CAGR of 100%+ over past 3 years $1.1m (FY21) → $11.1m (FY24). Organic strategies and recent acquisitions provide a platform for Vysarn to continue to deliver strong growth metrics.

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VYSARN
HIGHLIGHTS
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Nationally diversified operations[2]

Subject to completion, recent acquisitions deliver significant sector and geographical diversification:

Resource client NPAT contribution: 98% → 68% Govt/Utility client NPAT contribution: 0.1% → 30% East Coast NPAT contribution: 0% → 30%

• • •

Joint Resource Agreement with traditional owners

Vysarn Asset Management is executing landmark Joint Resource Agreement’s with Aboriginal Corporations to jointly develop sustainable water resources to meet significant unmet demand for industrial water in the Pilbara region.

Pursing Horizontal ESG Opportunities

Actively developing and pursuing ESG opportunities in water ownership, water infrastructure, asset management, carbon farming, irrigated agriculture, mine repurposing and urban rehabilitation.

1. As per Vysarn’s Financial Statements – Annual Reports 2021 – 2024 2. Diversification in earnings calculations based on Vysarn FY2024 Financial Report released 23 August 2024 including the additions of FY24 unaudited accounts for Waster Water Services and CMP Consulting Group

4

FY24 Audited Results: Strong YoY Performance

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Vysarn’s robust fundamentals are delivering sustainable and diversified YoY growth

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FINANCIAL PERFORMANCE (A$M) [1]
Profit & Loss FY23 FY24 %
Operational Revenue $64.96m $75.89m 16.8%
EBITDA $12.45m $16.32m 31.1%
NPBT $7.08m $11.06m 56.3%
NPAT $3.87m $7.96m 105.6%
Balance Sheet FY23 FY24 %
Net Tangible Assets $30.50m $37.66m 27.4%
NTA Backing (per share) $0.075 $0.090 19.9%
Cash $8.31m $3.73m -55.1%
Debt $9.70m $2.84m -70.7%
Net (Debt) / Cash ($1.39m) $0.89m N/A
Debtors $10.40m $16.59m 59.5%
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FY2024 Results Commentary

• Strong 3-year Compound Annual Growth Rates: o Operational Revenue: 43.3% CAGR o EBITDA: 48.3% CAGR o NPBT: 115.8% CAGR o NPAT: 184.7% CAGR

• EBITDA: 48.3% CAGR

• All divisions delivered growth, whilst navigating resource sector headwinds, highlighting the robust nature of Vysarn’s diversified model.

• Strong Balance sheet with NTA of $37.66m with net cash.

• Debtors of $16.59m comprised of tier-1 clients, which have now largely been collected and normalised back to traditional levels.

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KEY FINANCIAL INDICATORS (A$M) [1]
Operational Revenue EBITDA
80 18 25%
21.5%
70 75.89 16 19.4% 19.7% 19.2% 16.32
14 20%
60 64.96
12
50 12.45 15%
10
40 46.30
8 9.10
10%
30
6
20 25.80 4 5.00 5%
10 2
0 0 0%
FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24
EBITDA Margin (%)
NPBT NPAT
12 14.6% 16% 9 10.5% 12%
8
10 11.06 14% 7.96 10%
10.9% 12% 7
8 8.9% 10% 6 6.2% 6.0% 8%
5
6 7.08 8% 6%
4
4 4.3% 6% 3 3.87 4%
4.10 4% 2 1.3% 2.86
2 2%
2% 1
1.10 0.34
0 0% 0 0%
FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24
NPAT Margin (%) NPAT Margin (%)
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1. As per Vysarn’s Audited Financial Statements – Annual Reports 2021 – 2024

5

FY24: Divisional Performance & Review

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Strong divisional performance facilitates Vysarn’s self-funded growth strategy

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FY23 FY24 %
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OPERATIONAL REVIEW
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	FY23 FY24 %	OPERATIONAL REVIEW
PENTIUM WATER	Rev $4.07m $4.77m 17.3% EBITDA $0.77m $1.04m 35.3% EBT $0.64m $0.96m 48.9%	• Delivering 49% EBT growth, Pentium Water is firmly establishing itself as one of Australia’s premier providers of specialised consulting services. • Targeting a 50% YoY increase in staff numbers to expand capacity and expertise to service a growing number of clients across new jurisdictions and fields focused on water & environment.
PENTIUM HYDRO	Rev $50.98m $55.62m 9.1% EBITDA $11.95m $13.30m 11.4% EBT $7.33m $9.12m 24.4%	• Pentium Hydro successfully navigated FY24, delivering 24% EBT growth, despite exposure to the declining nickel sector and short-term iron ore sector headwinds. • Established an asset mix (predominantly dual-rotary) and schedule (upgrades and allocation) capable of delivering long-term sustainable returns. • Focus on optimisation of assets and utilisation to deliver sustained financial performance.
PENTIUM TEST PUMPING	Rev $2.76m $3.64m 31.8% EBITDA $0.86m $1.12m 30.4% EBT $0.43m $0.52m 22.1%	• Demand for Test Pumping and Injection Testing remained strong, resulting in the uptake of the division’s newly deployed second rig and a material opportunity with a new Tier 1 client. • Management are assessing opportunities to expand the fleet to further drive earnings, whilst diversifying client exposure.
PROJECT ENGINEERING	Rev $7.15m $11.81m 65.1% EBITDA $1.72m $4.09m 137.6% EBT $1.57m $4.08m 159.5%	• ProEng delivered exceptional EBT growth of 160% in FY24, supported by the continued adoption of MAR as a preferred methodology for the disposal of water in the Pilbara. • ProEng is currently increasing its production capacity to satisfy the forecast demand from existing clients in the Pilbara and new opportunities nationally.
DIVISIONAL CONTRIBUTION Rev $64.96m $75.83m 16.7% EBITDA $15.30m $19.56m 27.8% EBT $9.98m $14.68m 47.2%	Rev $64.96m $75.83m 16.7%	• Vysarn Ltd (Head-Co) corporate overheads increased by $0.72m. • Primarily due to an increase in expenditure (investment) to accelerate the progression of Vysarn group water ownership projects. • Investment to expand the executive leadership team in anticipation of future growth initiatives. • Vysarn has increased EBT margins from 15.1% to 19.4% (excluding Head-Co costs) whilst navigating short-term industry headwinds in the WA resource sector.
	EBT $9.98m $14.68m 47.2%
VYSARNLTD	Corporate Overheads ($2.90m) ($3.62m) 24.9%

6

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GROWTH & OUTLOOK

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Vysarn Outlook

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Vysarn to establish a national platform capable of delivering sustained earnings growth

• 1HFY25: EBT anticipated to be below 2HFY24 following ongoing conservatism within the WA resources sector as a result of the broader global economic and political environment, and consequential uncertainty in commodity prices.

2HFY25: FY25 EBT is expected to be materially skewed to 2HFY25 subject to a combination of the realisation of latent demand in the WA resource sector and the acquisition completion of Waste Water Services (WWS) and CMP Consulting Group (CMP)*. The anticipated step change in the 2HFY25 earnings run rate has the potential to provide the foundation for further earnings growth looking forward to FY26.

INDUSTRIAL PENTIUM HYDRO PENTIUM TEST PUMPING

Incremental growth driver

ADVISORY

Pilbara water thematic & East Coast infrastructure boom underpin Vysarn’s growth strategy

Organic growth Initiatives

Consolidation of Accretive Acquisitions

• National expansion of Advisory & Technology offerings; via

• Prime focus on bedding down and consolidating the WWS and CMP acquisitions.

• Team, service & technology expansion; and

• ^

• Target the achievement of proforma FY24 financial performance in CY25:

• Sustained BDM & opportunity conversion.

• Execution of rapid integration of WWS and CMP within Vysarn;

• Actively pursue cross-selling opportunities.

• Continued focus on operational efficiencies to enhance Return on Capital.

• Subsequent execution of strategy focussing on the replication of ‘business as usual’

• Development of VAM water projects.

PENTIUM WATER CMP CONSULTING GROUP Material growth driver

TECHNOLOGY

PROJECT ENGINEERING WASTE WATER SERVICES Material growth driver

*Subject to completing CMP ^ Proforma target financials on slide 19 of this presentation

8

Industrial: Pentium Hydro & Test Pumping

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Vysarn’s Industrial services continue to deliver valuable earnings

PENTIUM HYDRO

Pentium Hydro is a preeminent provider of hydrogeological borefield construction services in Australia. The Company is responsible for establishing large-scale production and injection bore fields for tier-1 mining companies.

CORE CLIENTS

PENTIUM TEST PUMPING

Pentium Test Pumping is a leading provider of test pumping and injection testing solutions to tier-1 clients in Western Australia. Innovative live data collection solutions accurately characterises individual well, borefield and aquifer performance.

CORE CLIENTS

GROWTH STRATEGY

GROWTH STRATEGY

Maintain Pentium Hydro’s preeminent market position:

• Asset allocation : Optimise long term utilisation with key tier-1 clients.

• Leverage assets: Double-shift assets as regularly as possible.

• Minimise downtime : Establish a Pilbara-based critical spares facility.

• Technology development: Ongoing R&D in automation and safety.

• Asset mix: Consider further strategic divestment of conventional rigs.

• Electrification and automation of assets: Pursue opportunities to introduce electrified rigs to the fleet on appropriate contractual terms.

Staged expansion of market position:

• Fleet expansion: Executed an investment in a scaled down suite to target Tier 1 sporadic scopes as well as Tier 2 work. Investigating third major rig.

• Technology development: R&D to deliver expanded service offering.

• Diversify clients and services: Pursue further opportunities to diversify client base. Have expanded client base in 1HFY25.

• Leverage assets: Double-shift assets as regularly as possible.

• Streamline operations: Consolidate management across Pentium Hydro & Test Pumping.

OUTLOOK

OUTLOOK

• Performance in 1HFY25 stemmed by lower utilisation as result of persistent client conservatism due to global macro factors.

• Forecast higher utilisation in 2HFY25, with an anticipated return of stronger demand for additional rigs and/or double shifting of assets.

• Robust demand for aquifer testing services is anticipated to deliver FY25 financial performance ahead of FY24.

• Execution of further expansion and optimisation strategies aim to deliver continued growth in FY25 and beyond.

• Long-term outlook remains positive with Pilbara water thematic intact.

9

Advisory: Pentium Water

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Pentium Water provides line of sight and intellectual property for Vysarn growth initiatives

PENTIUM WATER

Pentium Water provides scientific insight to develop strategic recommendations and practical solutions to manage groundwater, surface water and environmental planning challenges.

OUTLOOK

FY25

CORE CLIENTS

GROWTH STRATEGY

• Team expansion: Targeting the recruitment of new staff to expand capacity, disciplines and expertise to service a growing number of clients.

• Targeting a sustained financial performance in FY25. Resource sector conservatism is anticipated to impact mining related ground water consultancy.

• Pursuing team expansion in urban water consultancy to meet ongoing strong client demand.

• Capability expansion: Continue to explore opportunities to expand capability in broader water and environment disciplines to supplement current disciplines in ground and surface water management, water resource engineering, environmental planning, mine closure, mine repurposing and traditional owner engagement.

• Sustained BDM: Sustain, supplement and grow pipeline of work.

• Vysarn Asset Management: Develop and leverage existing IP to support VAM’s initiatives to identify, secure and develop prolific water resources.

• Vysarn engine room: Assist Vysarn in identifying and accessing early-stage trends and opportunities that are core to the group’s growth strategy.

• Continue to identify broader growth opportunities whilst also investing divisional time and resources into the development of Vysarn Asset Management water resource projects.

Broader Outlook

• Continued execution of growth strategy targeting a portfolio of broader consultancy disciplines has the potential to transform the scope and scale of the division.

• Potential CMP integration: Assessing integration/rebranding of Pentium Water into CMP Consulting Group. Single ‘brand’ to deliver an immediate national footprint, diversified clients & service offerings and a unified team with aligned growth initiatives*.

*Subject to completing CMP acquisition

10

Advisory: CMP Consulting Group

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CMP delivers national scale, expertise and access to a generational infrastructure boom[4]

ABOUT CMP CONSULTING GROUP (CMP)

• Founded in 2008, CMP is a water specalised consulting engineering organisation to tier-1 public and private sector clients.

• End-to-end infrastructure lifecycle services manage projects from Master Planning → Construction Management → Decommissioning.

LEADING PROVIDER TO WATER AUTHORITIES

Leading provider in Victoria[4]

• Long-term client relationships with 13 of 16 Victorian water authorities and tier-1 national construction/engineering companies.

• Panel arrangements and/or contracts range from 1-7 years.

• Average tenure of CMP’s top 4 clients is 8+ years.

FY24 Revenue[1] FY24 NPBT[1] NPBT 3-Year CAGR[2] Skilled Team $26.4m $5.98m 59.8% 92

• Client scalability demonstrated by +88% revenue growth in 2 years ($13.8m → $26.m) with client base remaining stable.

Preparing for East Coast Expansion

• Expansion interstate has the potential to deliver transformational growth. The Company is making early preparations for continued growth.

• If won, a number of tenders/panels would require CMP to increase FTEs. Various strategies identified to supplement any human resource shortfall.

ACQUISITION TERMS[2]

• Acquiring 100% of the issued shares in CMP for:

• Upfront consideration: $24.0m cash + 10.0m shares

• Deferred consideration: 30.0m shares over a 3 year earn-out period

• CMP to be acquired debt-free .

• Delivers >20% EPS accretive acquisition on VYS FY24[3]

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EV/EBITDA EV/EBIT
4.6X 4.7X
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ANTICIPATE GROWTH OPPORTUNITIES

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92
30.0 100
83
25.0
67 80
CMP to strategically 20.0 26.4
48 60
expand its team to 15.0 20.4
meet potential growing 10.0 14.1 40
demand from new and 10.5 20
5.0
existing clients.
0.0 0
FY21 FY22 FY23 FY24
Revenue No. Employees
No. FTEs
Revenue (A$M)
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1. CMP: Unaudited General Purpose Financial Report for the year ended 30 June 2024 2. ASX Announcement ‘CMP Presentation and Capital Raise (13 Sept 2024) 3. 22.1% EPS accretion calculated by utilising CMP unaudited FY24 NPAT of $4.19m over Vysarn fully diluted shares on issue of 527.44m shares and

is prior to any impact from the WWS acquisition 4. Subject to completing CMP acquisition

11

Advisory: CMP Consulting Group

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CMP delivers national scale, expertise and access to a generational infrastructure boom[1]

WATER INFRASTRUCTURE BOOM[1]

Generational Infrastructure boom drivers provide opportunity for CMP to transform into a national provider.

Population growth and dispersion

• Growth: Australian population is anticipated to reach ~30.0m by 2030 (+15.0% from 26.1m).

• Dispersion: Increased dispersion to outer metro & regional areas overloading infrastructure.

Aging Infrastructure

• Refurbishment and replacement is essential and underpins annual capital expenditure.

Climate Change and water security

• Water infrastructure is at high risk, requiring upgrades and increased maintenance.

Uplift in water infrastructure expenditure[3]

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40 +119.5% $38.2Bn
35 7.6
30
25
20 $17.4Bn 14.8
15 3.3
10 8.9
15.8
5
5.3
0
FY19 - FY23 (Previous 5 Year) FY24-FY28 (Next 5 Years)
Sydney Water Victorian Water Authorities Queensland
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GROWTH STRATEGY

Tendering major water authority panels outside of VIC.

Activity[•]

• Opportunities to establish a strong presence in NSW & QLD.

• Win beachhead contract(s) that underpins expansion.

Outcome

• Look to replicate success in Victoria to deliver strong, profitable, expansion & earnings growth.

• Expansion will be required to meet potential demand.

Activity[•]

• Actively expanded team from current head count

• Key tenders may require CMP to increase staff head count

Outcome[•]

• Careful that demand may outpace hiring capacity.

• Upsell CMP’s specialised consulting services.

Activity[•]

• Cross-sell Vysarn’s water technology & services.

• Replicate CMPs strategy to increase revenue per client.

Outcome[•]

• Fast track new West ⇆ East expansions.

LONG TERM POSITIVE OUTLOOK

• Focused on delivering sustained earnings, whilst also planning and initiating the early-stage national expansion strategies.

FY25

• Current and upcoming water authority panel positions have the potential to help transform the scale and reach of CMP.

• Successful execution aims to continue Vysarn’s historical earnings growth.

FY26 &

• Focused on ensuring CMP is equipped with the resources, systems, strategies and personnel to deliver sustainable growth.

Beyond

• 1 .Subject to completing CMP acquisition 2. https://www.sydneywater.com.au/about-us/our-organisation/long-term-capital-and-operational-plan.html

• As per analysis of historical Annual Reports from Water Authorities and Government 5-year forecast capital expenditure reports for each Water Authority.

12

Technology: Project Engineering

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Project Engineering has ambitious plans to further extend its market dominant position

PROJECT ENGINEERING

Leader in Australian managed aquifer recharge technology and execution. ProEng’s advanced MAR systems are increasingly deployed by resource companies as they adopt MAR as the preferred methodology to sustainably dispose of surplus water.

OUTLOOK

FY25

CORE CLIENTS

• It is anticipated that delays and changes in client projects in 1HFY25 will result in ProEng EBT to be skewed to 2HFY25.

GROWTH STRATEGY

• Integrate Supply Chains: The acquisition of Waste Water Services provides ProEng with access to developed supply chains and inhouse manufacturing capabilities, providing the potential for the retention of previously outsourced services and associated margins.

• Utilise CMP to access new markets: The acquisition of CMP Consulting Group provides a ‘cross-sell’ platform to identify and access new East Coast markets. Opportunities exist in metropolitan and regional treated wastewater disposal, as well as agricultural water banking and irrigation projects.

• Delivered 95 units in FY24, with visibility on client projects that could potentially support a similar unit production pipeline across CY25.

• Environmental thematic for MAR across the resources sector continues to strengthen.

• Management is actively pursuing clients beyond Western Australian resources.

Broader Outlook

• Technological innovation: Pursue opportunities for the next generation, patent-pending two-way valve to be more widely deployed

• Maintenance, parts & replacement: Growing adoption of ProEng’s MAR technology has the potential to help drive a growing maintenance, parts and replacement revenue stream.

• Expand revenue model: ProEng actively pursuing opportunities to expand its ‘sandbox’ by providing a wider suite of water management products alongside its MAR units and technology

• Management is focused on ensuring ProEng maintains its market-leading position while expanding on its suite of products and technology.

• Innovation and wider Pilbara adoption of MAR to drive growth for the foreseeable future.

• Bolster team: Newly created national BDM function

13

Technology: Waste Water Services

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WWS delivers validated technologies, tier-1 clients and a platform for national growth

ABOUT WASTE WATER SERVICES

• Leader in the design, manufacture, installation and maintenance of wastewater & potable treatment plants and pumping stations.

• Reseller of products, including spares, tanks, pumps, valves, software and hardware and consumables.

• Operating for over 25 years, with 18 staff and a manufacturing facility in Perth, Western Australia.

Revenue Sources FY24 Revenue[1] FY24 NPBT[1] Project – Product – $12.1m $2.2m Maintenance – Rental

VALIDATED TECHNOLOGIES WITH BLUE-CHIP CLIENTS

• Long-standing blue-chip clients across the mining, oil & gas and industrial sectors (prevalence in WA).

• Design & manufacture membrane bio reactors, sequencing batch reactors, compact aerobic treatment systems and modular plants.

• Validated technologies are preferred by tier-1 clients due to:

• ✓ Maximum reliability, safety, ease of operation with minimum operator interface.

• ✓ Innovative processes deliver superior performance, even under demanding conditions.

• ✓ System modularisation facilitates short on-site construction.

NEW MODULAR SKID-MOUNTED SEWAGE PLANT

ACQUISITION TERMS[2]

• Acquiring 100% of the issued shares in WWS for a consideration of $7.50m cash.

• WWS acquired debt-free.

• Delivers ~20% EPS accretive acquisition on VYS 2024[3.]

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EV/EBITDA EV/EBIT EV/NPAT
3.27X 3.50X 4.46X
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Innovative modular technology facilitates:

• New ‘build-own-operate’ model (renting / leasing modular units); and

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• Scale-up-down and plant redeployment;

• Frictionless sales decisions due to no upfront cost.

Units deployed to Rio Tinto provide case study to support wider adoption.

1. WWS: Unaudited FY24 Financial Statements for the year ended 30 June 2024 2. ASX Release: 2 Sept 2024 – Announcing WWS Acquisition. 3. EPS Accretion based upon NPAT of $1.68m and VYS share structure prior to CMP acquisition and $38m Placement

14

Technology: Waste Water Services

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WWS delivers validated technologies, tier-1 clients and a platform for national growth

KEY MARKETS AND DRIVERS

GROWTH STRATEGY & OUTLOOK

WWS’ validated technology solutions are ideal for regional sites hosting between 200 to 2,300 people.

Mining Water Treatment – Established Market

• WWS is a leading provider to WA mining clients.

• WWS solutions are critical for all stages of the mining life cycle: Exploration → Construction → Production → Rehabilitation.

• Historically high capital expenditure of ~$50Bn in 2024-25 indicates potential for sustained demand.[1]

Pursue new sectors nationally: Resources, water utilities, Activity[•] recreation, industrial precincts and food & beverage facilities.

• Establish WWS as a national provider.

Outcome[•]

• Provide access to material growth opportunities.

• Scale up the ‘build-own-operate’ model of new modular skid-

• Activity[•] mounted treatment plants.

Outcome[•] Help underpin national expansion strategy.

• Deliver highly valuable ‘recurring revenue’.

Regional Water Treatment[2] – New Market

• ~10%[2] of Australians live in ‘small towns’.

• ~1,600 regional towns with populations <5,000.

• Modular technology offers proven scalable, versatile and reliable solution.

• Replace previously installed plants that are at ‘end of life’.

• Activity[•] • WWS has built 165 plants in WA over 28 years. Be awarded a high percentage of these projects.

• Outcome[•]

• Help underpin WWS’ current run-rate in future periods.

Industrial Water Treatment – New Market

LONG TERM POSITIVE OUTLOOK

• Water treatment is critical to industrial operations.

• Significant opportunities across recreational, food & beverage production and industrial manufacturing.

WWS sees the potential to service this growing market, providing diversification away from WA and the resources sector

FY25

FY26 & Beyond

• Growth opportunities anticipated in FY25 with several new projects commencing and anticipated tender conversion with several long-term repeat clients.

• Strategically invest and scale operations to facilitate strategic growth.

• • Utilise modular technology as platform to enter new jurisdictions & sectors.

• Vysarn sees potential for WWS to be a material contributor to Company earnings growth in future periods.

• https://www.industry.gov.au/sites/default/files/2024-06/resources_and_energy_quarterly_june_2024.pdf

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1. https://www.abs.gov.au/ausstats/abs@.nsf/Lookup/2071.0main+features1132016

Vysarn Asset Management

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Three pillar strategy to develop world-class, sustainable water assets

THREE-PILLAR STRATEGY

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STATUS
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Vysarn has identified a potential water resource of scale (10GL):

Leveraging IP to identify and 1 secure tenure / ownership of OWN WATER prolific water sources.

• ✓ First Joint Resource Agreement (JRA) with Kariyarra Aboriginal Corporation. o Pursuing new JRA’s to secure additional projects of similar scale.

• Licensing: Securing Tenure:

• ✓ 26D Water Licence to define and develop a water resource.

• Strategic decision to defer the drilling and testing campaign to develop further tenure security with WA Government agencies. Testing now targeted for 2HFY25

• o Delay in testing regime still meets timeline for 5C Water Licence application

Secure funding partners to build, 2 own and operate pipelines to CONVEY WATER convey water.

• Vysarn has initiated discussions with various potential funding partners: ✓ Large-scale infrastructure funds.

• ✓ Offtake partners (multi-national corporations).

• ✓ Equity focussed Australian institutions.

Secure off-take agreements for 3 long-term delivery of commercial quantities of water.

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SELL WATER
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• Vysarn has progressed discussions with multiple potential offtake partners : ✓ Key stakeholders in Port Headland industrial investment. ✓ Tier-1 mining companies.

Indicative demand from the Boodarie Strategic Industrial Area[1 ] in the Pilbara region of Western Australia materially outweighs current regional supply capacity.

1. Boodarie SIA Overview: https://developmentwa.com.au/projects/industrial-and-commercial/boodarie-sia/overview

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Proforma Financial Performance

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Two acquisitions significantly enhance proforma financials and earnings per share

VYSARN FY24: PROFORMA	VYSARN FY24: PROFORMA	PROFIT &	LOSS (VYS + WWS +	LOSS (VYS + WWS +	CMP)
P&L	VYS1	WWS2	CMP3	FY24PF*	+/-%
Op. Revenue	$75.89m	$12.05m	$26.43m	$114.37m	+50.7%
EBITDA	$16.32m	$2.29m	$6.03m	$24.65m	+51.0%
NPBT	$11.06m	$2.24m	$5.98m	$19.29m	+74.4%
NPAT	$7.96m	$1.68m	$4.19m	$13.83m	+73.7%

EPS[1,2,3,4]

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VYSARN FY24: PROFORMA FINANCIALS (A$M) [1,2,3,]
Revenue (A$M)
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EBITDA (A$M)
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+15.9% +50.7%
+34.8%
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+14.0% +51.0%
+37.0%
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Commentary*

• The acquisition of CMP Consulting Group and Waste Water Services significantly enhances Vysarn’s earnings profile.

• On a FY24 proforma basis, the acquisitions contribute >70.0% NPAT growth for ~25% dilution.

• FY24 proforma excludes any potential synergies.

• Aiming to attain the ‘proforma financials’ on an annualised, run-rate basis, throughout 2HFY25.

• Establishes strong baseline earnings potential for FY26.

• Long-term positive outlook for Vysarn’s divisions (new & existing), supported by strong, long-term, underlying national water thematic.

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NPBT (A$M)
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NPAT (A$M)
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+21.1% +73.7%
+20.3% +74.4%
+52.6%
+54.1%
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1. ASX announcement Vysarn FY2024 Financial Report released 23 August 2024 2. WWS: Unaudited FY24 Financial Statements for the year ended 30 June 2024 3. CMP: Unaudited General Purpose Financial Report for the year ended 30 June 2024 4. Acquisition of Waste Water Services (ASX

2. 21.1% EPS accretion calculated by using WWS unaudited FY24 NPAT of 1.68m over Vysarn fully diluted share on issue of 421.95 shares (pre WWS & CMP) 22.1% EPS accretion calculated by using CMP unaudited FY24 NPAT of $4.19m over Vysarn fully diluted shares on issue of 527.44m shares (pre WWS). *Disclaimer: FY24 Proforma financials are not a guidance for FY25.

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Diversification of Earnings

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Vysarn is delivering growth and diversification of earnings across the group’s subsidiaries[3]

Vysarn earnings continue to be diversified

The two acquisitions will accelerate the diversification of Vysarn's earning profile (NPBT).

Advisory: 6.5% → 30.2%

• Pentium Water (4.2%) : Water consultancy focused on Western Australian market.

• CMP Consulting (26.1%) : Engineering consulting focused on the water industry in the Eastern States markets.

Technology: 27.8% → 27.8%

• Project Engineering (17.8%) : Managed aquifer recharge technology solutions.

• • Waste Water Services (10.0%) : Water Treatment solutions and products.

Industrial: 65.7% → 42.0%

• Pentium Hydro (39.7%) : Borefield establishment.

• Pentium Test Pumping (2.3%) : Test Pumping and Injection Testing.

Focus on capital-light & scalable models

• Diversification towards capital-light business models with significant growth potential results in high conversion of EBITDA to NPBT and premium valuation multiples.

1. ASX announcement Vysarn FY2024 Financial Report released 23 August 2024

2. CMP: Unaudited General Purpose Financial Report for the year ended 30 June 2024

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FY23 NPBT [1] FY24 NPBT [1] Proforma – FY24 NPBT [1,2]
6.0% 6.5%
16.0% 30.2%
27.8% 42.0%
65.7%
77.0%
27.8%
Consulting Services Advisory Consulting Services Advisory Consulting Services Advisory
Engineering Solutions + Technologies Technology Engineering Solutions + Technologies Technology Engineering Solutions + Technologies Technology
Water Services
Industrial Water Services Industrial Water Services Industrial
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FY23 Revenue
$65.0m
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FY24 Revenue Proforma FY24 Revenue $75.9m $114.4m

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Preparing for the Next Phase of Growth

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Vysarn aims to execute next phase of growth via strategic investors, partnerships and hires

SUCCESSFUL ESTABLISHMENT PHASE

• Continued execution of divisional growth strategies.

• ✓ Initial Public Offering (Sept 2019).

• ✓ Delivered profitability in second year.

• ✓ Initiated vertical integration strategy.

• ✓ Established preeminent water market positions within WA.

• ✓ Executed vertical integration strategy via organic development and acquisition.

• Deliver national expansion of Advisory and Technology platforms. o Establish & grow capabilities in east coast Australia.

• Focus on integration and cross-selling opportunities.

• Accelerate divisional growth organically and via future acquisitions.

• Lean Board & Executive function has been highly effective to date.

• Considering new Executive Directors and Non-Executive directors with the requisite skillsets to support Vysarn’s future growth ambitions.

• ✓ Successful integration and growth of acquisitions.

• ✓ Delivered strong YoY EBT growth.

• ✓ Executed transformative acquisition.

• ✓ Established national presence and growth opportunity.

• ✓ Delivered substantial shareholder value.

Assessing potential strategic investors/partners that:

• Can help accelerate the capture and execution of opportunities within the ‘generational’ infrastructure boom on the East Coast;

• Are willing to invest (partner) on terms beneficial to Vysarn;

• Are global leaders in their field and bring international and domestic capabilities, technologies and experience;

• Help mitigate risk, provide experience, diversify the Board; and

• Will provide Vysarn with enhanced gravitas, balance sheet strength and project execution capability when engaging with Government Agencies, Water Authorities and Tier-1 entities.

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Key Contacts

Vysarn Limited

James Clement

Managing Director

Registered Office

Level 1, 640 Murray St, West Perth WA 6005, Telephone: +61 8 6144 9777 ASX Code: VYS Website: www.vysarn.com.au

Corporate & Investor Relations Advisor

Alastair Murray

Candour Advisory M: +61 415 629 977 E: alastair@candouradvisory.com.au

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